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1.Explain the difference between fixed and variable costs. 2.If marginal product is increasing at an increasing rate, what is happening to marginal cost? Why? 3.If

1.Explain the difference between fixed and variable costs.

2.If marginal product is increasing at an increasing rate, what is happening to marginal cost? Why?

3.If the marginal product is decreasing but positive, what is happening to the marginal cost? Why?

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